Terms Used In Vermont Statutes > Title 6 > Chapter 24 > Subchapter 1 - General Provisions

• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Contract: A legal written agreement that becomes binding when signed.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Covered employee: means an individual who is 18 years of age or older who is employed by a covered employer and who has wages or other compensation that are allocable to the State during a calendar year. See
• Covered employer: means a person, entity, or subsidiary engaged in a business, industry, profession, trade, or other enterprise in the State, whether for profit or not for profit, that has not offered to an employee, or is within a control group that maintains or contributes to, effective in form or operation at any time within the current calendar year or two preceding calendar years, a specified tax-favored retirement plan. See
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• ERISA: means the federal Employee Retirement Income Security Act of 1974, as amended, 29 U. See
• Fees: shall mean earnings due for official services, aside from salaries or per diem compensation. See
• Fiduciary: A trustee, executor, or administrator.
• following: when used by way of reference to a section of the law shall mean the next preceding or following section. See
• Internal Revenue Code: means the U. See
• IRA: means a traditional IRA or a Roth IRA. See
• Participant: means an individual who has an IRA under the Program. See
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Person: shall include any natural person, corporation, municipality, the State of Vermont or any department, agency, or subdivision of the State, and any partnership, unincorporated association, or other legal entity. See
• Program: means the VT Saves Program established in accordance with this chapter. See
• Roth IRA: means a Roth individual retirement account or Roth individual retirement annuity described in Section 408A of the Internal Revenue Code. See
• Specified tax-favored retirement plan: means a plan, program, or arrangement that is tax qualified under or described in, and satisfies the requirements of, Section 401(a), Section 401(k), Section 403(a), Section 403(b), Section 408(k), Section 408(p), or Section 457(b) of the Internal Revenue Code, without regard to whether it constitutes an employee benefit plan under ERISA. See
• State: when applied to the different parts of the United States may apply to the District of Columbia and any territory and the Commonwealth of Puerto Rico. See
• Trust: means the trust in which the assets of the Program are held. See
• Trustee: A person or institution holding and administering property in trust.
• Vendor: means :

• Wages: means any compensation within the meaning of Section 219(f)(1) of the Internal Revenue Code that is received by an employee from an employer during a calendar year. See